Bank of America (NYSE:BAC) Shares Down 1.7% - Should You Sell?

Bank of America Co. (NYSE:BAC) fell 1.7% during trading on Wednesday . The company traded as low as $43.80 and last traded at $43.93. 12,141,525 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 39,596,390 shares. The stock had previously closed at $44.69.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Evercore ISI dropped their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Piper Sandler reduced their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Price Performance

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company's 50 day moving average is $40.34 and its 200 day moving average is $43.60. The stock has a market cap of $325.38 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America's payout ratio is 30.95%.

Institutional Investors Weigh In On Bank of America

Institutional investors have recently bought and sold shares of the business. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Bank of America by 11.5% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 68,955 shares of the financial services provider's stock valued at $3,031,000 after acquiring an additional 7,133 shares in the last quarter. Curated Wealth Partners LLC raised its holdings in Bank of America by 0.8% in the fourth quarter. Curated Wealth Partners LLC now owns 32,359 shares of the financial services provider's stock valued at $1,422,000 after acquiring an additional 248 shares in the last quarter. Eclectic Associates Inc. ADV acquired a new stake in Bank of America in the fourth quarter valued at $201,000. Finally, Cottonwood Capital Advisors LLC raised its holdings in Bank of America by 37.2% in the fourth quarter. Cottonwood Capital Advisors LLC now owns 10,844 shares of the financial services provider's stock valued at $477,000 after acquiring an additional 2,938 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.